Case study: caught in the renting trap

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Mike Phillips, 32, and Lucy Scott, 34, should already be living in a house
they own. On paper, they are perfect candidates for a mortgage.

Mr Phillips, a financial journalist, was educated at Cambridge and has always
been employed since leaving university. Lucy, his wife, has an MA from the
University of Warwick and is a writer who co-created the periodical Lost
in London. Between them they earn about £100,000 a year but they have
only ever rented since moving to London.

Ms Scott said they were living in South Norwood paying £1,100 a month and when
they moved out